Live Nation CEO Michael Rapino recently sold 640,000 shares of his common stock holdings in the company, earning him $11.7 million, according to an Aug. 13 Securities and Exchange Commission filing. The two transactions, made on Friday and Monday, accounts for approximately 38 percent of his direct holdings in Live Nation.

Live Nation spokesperson Jacqueline Petersontold the New York Times that the stock was sold for estate-planning purposes. She also noted that the shares represented a small portion of Rapino's total equity stake in Live Nation, including options. Apparently, this is the first time in Live Nation's eight-year history that Rapino has sold company shares.

In 2012, Rapino earned a total of $28.5 million at Live Nation, including about $21.6 million in grants of stock and options, according to the company's April proxy report.

Live Nation's stock price has almost doubled since the end of 2012, following the departure of former chairman Irving Azoff. On Tuesday, Live Nation stock closed at $18.19.

Rapino's stock sales arrived around the same time news broke that Ticketmaster president Nathan Hubbard was exiting the Live Nation-owned ticketing company. Live Nation was believed to be close to signing a termination agreement for Hubbard's employment at press time, according to the Times.